Jing Ji Guan Cha Wang·2025-10-29 05:38Group 1 - The report on the Free Cash Flow (FCF) Top 99 for A-share listed companies in 2024 was led by a team from Tsinghua University and published on October 28, 2025 [2][3] - The concept of high-quality development for enterprises is defined as the ability to continuously generate free cash flow and cash value added [3][4] - The report emphasizes that the ability to create cash value is the only standard for assessing whether a listed company creates shareholder value [4][5] Group 2 - The 2024 FCF Top 99 list includes companies that have been evaluated based on their ability to generate free cash flow over a long-term window, specifically from their IPO or reverse merger year to the end of 2024 [19][20] - The report highlights the increasing attention from capital markets and investors towards the free cash flow generation capabilities of listed companies, with various indices and funds being launched based on this metric [7][8] - The report calls for improved disclosure practices regarding free cash flow and cash value added in annual reports, as well as enhancements to the cash flow statement [8][9] Group 3 - The 2024 FCF Top 99 list includes notable companies such as Focus Media, Kweichow Moutai, and Chongqing Beer, with their respective FCFOE values indicating their cash flow generation efficiency [10][24] - The report identifies new entrants and dropouts from the FCF Top 99 list, with reasons for changes in rankings based on compliance with established standards and performance metrics [25][26][27] - The report provides a detailed analysis of the trends in FCFOE among the listed companies, indicating shifts in performance across various sectors [33][34]